Part 2 INTERPRETING THE STANDARDSI1

For the purposes of standards 147, 151, 152 and 154—

1. (a)

   when a body is under a duty to comply with a standard for the first time, “financial year” means the period beginning with the day from which a body is under a duty to comply with a standard and ending with the following 31 March;

2. (b)

   subject to that, “financial year” means the period of 12 months ending with 31 March.